“When it comes to Wall Street and shareholders, cash is still king,” Eric McWhinnie reports for Wall St. Cheat Sheet.
“With corporate profits at record highs and interest rates near historic lows, companies are returning value to shareholders at a pace not seen in years,” McWhinnie reports. “Apple (AAPL), the world’s largest company by market capitalization, leads the way.”
“At $30.7 billion, the Information Technology sector spent the most on buybacks in the third quarter, up 78.5 percent from a year earlier. Apple, Qualcomm (QCOM), Cisco Systems, (CSCO), Yahoo! (YHOO), Visa (V), SanDisk (SNDK), and Intuit (INTU) each increased their share buybacks by at least $1 billion year-over-year,” McWhinnie reports. “Apple made the largest contribution by increasing its activity by $5 billion. In the second-quarter alone, Apple repurchased $16 billion and accounted for nearly 13 percent of all repurchases in the S&P 500.”
Read more in the full article here.